Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-04-22-Speech-3-062"
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"en.20090422.5.3-062"2
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"Madam President, among other aspects, the crisis has not only revealed the huge gaps between countries in the euro area, which was perhaps the main conclusion of the EMU@10 report, but in particular the extreme vulnerability of those countries which, while belonging to the European Union, are not part of the euro area.
That is why boosting the EU resources available to assist with balance of payments crises is absolutely vital. That is also why we welcomed the financial assistance ceiling being raised from EUR 12 billion to EUR 25 billion, and now to EUR 50 billion.
However, it is more important to tackle the root causes of the problems, and not just their most obvious manifestations.
The enlarged Europe and the euro area must now reinterpret the sense of European solidarity and the objectives of cohesion and real convergence. In this respect we not only need to understand the capacity of Europe’s cross-sectoral policies, but also revisit new financing instruments, such as Eurobonds.
Financial assistance for balances of payments is essential, but is in no way enough to guarantee the sustainability of the European project and the European single currency."@en1
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